EUR/USD: 6/8 MM Level acted as resistance

EUR/USD: 6/8 MM Level acted as resistance


There's a developing ending diagonal in wave 5. Also, we've got a pullback from 5/8 MM Level, so wave [iii] might have been formed. In this case, we're likely going to have wave [iv] of 5 in the coming hours.


6/8 MM Level has acted as resistance, so there's a developing downward impulse, which could be wave (a) of [iv]. It's likely that the market is going to continue moving down towards 3/8 MM Level in the short term.




Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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